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MERS Tracks 15 MM Loans.
MERS, an electronic registry for tracking ownership of mortgage loans and servicing rights, has recorded its 15 millionth loan.
The 15-million milestone represents a 77% increase in the number of loans registered on MERS from one year ago, according to MERS.
R.K. Arnold, president and CEO of MERS, said the system is growing by leaps and bounds. He said MERS is capturing "well over 40%" of loans being originated in the United States.
And its loan originators - often at the behest of wholesale lenders or loan aggregators - are driving the increased adoption rate, Mr. Arnold told MSN. Flow registrations of newly originated loans account for 12 million of the total, with bulk acquisitions of existing loans accounting for just three million. And most of the bulk registrations resulted from a big transaction a couple of years ago, he said.
Mr. Arnold says the growth of MERS' business reflects the power of the MERS system to eliminate paperwork and save money for large and small investors with giving lenders an incentive to adopt electronic registration. Many wholesalers and aggregators now effectively require MERS, because they offer favorable pricing for MERS-registered loans or penalize loans not registered on MERS.
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